The Electric Jetpack is an aleternative to the Jetpack and stores 30,000 EU. Unlike the Jetpack however, the Electric Jetpack is restricted to a height of 85 meters (As of 3.0.4: It appears to be limited to 190 meters). Also unlike the Jetpack, the Electric Jetpack's Hover Mode can also ascend slowly by holding the jump key, as opposed to only being able to descend slowly; although this does not spare the user from the massive ammounts of damage they can accumulate in flight.
Regardless to the Jetpacks ability to decend slowly (which is in turn hard to master on it's own), the jetpack does not stop the player from taking fall damage. The game calculates fall damage on the distance dropped from when you leave the ground, til you touch land once more and hence does not matter on your speed. Why this bug remains unfixed is a great mystery and leaves use of the jetpack a very tedious one in which sometimes is not worth the effort (UPDATE: As of version 3.0.4 of Tekkit, descending with Hover Mode, or sufficiently reducing velocity manually, will result in no fall damage being taken.)
To combat this the user must either land in water, or be wearing Quantum Boots , The Ring Of Arcana or Swiftwolf's Rending Gale (Although both magical artifacts would render the jetpack useless anyway as they grant the user with unlimited flight.)
Alternitavely rubber boots can be used to null fall damage a moderate amount where the Quantum Boots are not available to negate it completely. It is highly reccomended to NOT use either jetpack without a fall guard of some sort.